UK Oil & Gas PLC Loxley planning appeal update (6937X)
06 Gennaio 2022 - 5:19PM
UK Regulatory
TIDMUKOG
RNS Number : 6937X
UK Oil & Gas PLC
06 January 2022
UK Oil & Gas PLC
("UKOG" or the "Company")
Loxley planning appeal update
UK Oil & Gas PLC (London AIM: UKOG) has been informed by the
Planning Inspectorate that the Secretary of State ("SoS") for
Levelling Up, Housing and Communities has recovered the Company's
appeal against Surrey County Council's decision to refuse planning
consent for its wholly owned Loxley conventional gas appraisal
drilling project ("Loxley"). The final appeal determination will
now be made by the SoS utilising the Planning Inspector's report
and recommendation.
Whilst the Company had expected a decision from the Planning
Inspectorate in the first quarter of this year, the recovery by the
SoS may lengthen the time to an appeal decision.
As questions regarding the UK's gas supply and record high gas
prices have risen to the fore in recent months, the Company hopes
that in deciding the appeal, the SoS will carefully consider how
Loxley gas, as a secure domestic source, could help address these
pertinent national issues which are detailed below:
-- The lack of weight given to future UK domestic gas supply and
the resultant increasing import dependency exposes the UK economy
and consumers to upwards gas price volatility and decreasing
security of supply. New domestic gas, such as Loxley, could help
mitigate this situation.
-- The UK's recent increased dependence upon imported Liquified Natural Gas, with 4-5 times the pre-combustion footprint of domestic gas, could negatively impact the UK's net zero ambitions. Domestic gas, such as Loxley, offers a significant net zero advantage in this respect.
-- Similarly, higher carbon footprint gas imports could also
negatively impact the initial phases of the UK's 'Hydrogen Economy'
from a net zero aspect as it is widely predicted that 'blue
hydrogen' from methane reforming will initially constitute a
significant proportion of available hydrogen. Domestic gas offers a
significant net zero advantage in this respect. The Company has
stated that, if granted necessary permissions, it plans to supply
Loxley gas as a feedstock for reforming into hydrogen, fully in
keeping with the government's net zero ambitions and plans.
-- The need for continued gas supply to 2050 and beyond has been
recognised by the climate change committee.
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Matt Gormley (01483 941496)
WH Ireland (Nominated Adviser & Broker)
James Joyce / Andrew de Andrade (020 7220 1666)
Communications
Brian Alexander (01483 941496)
This announcement is made in accordance with Article 19 of the
EU Market Abuse Regulation 596/2014.
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END
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January 06, 2022 11:19 ET (16:19 GMT)
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